TMI Blog2008 (7) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeds in contravention of Section 18(2) and 18(3) of FER Act, 1973. 3. By an order dated 17-3-2005, after hearing argument from Shri Atishi Dipankar, ld. Counsel appearing for the appellants this Tribunal permitted the appellants to deposit Rs. 2 lakhs each in their respective appeals within 60 days. It is stated that the appellants have made the pre-deposit. Despite notice appellants failed to appear or being represented. Dr. Shamshuddin, ld. DLA appearing for the respondent states that on previous occasion i.e., 1-1-2008, Shri Atishi Dipankar, ld. Counsel sought adjournment to enable the appellants to obtain permission of write off from RBI. Shri Atishi Dipankar, ld. Counsel had also sought adjournment on the similar grounds on 30-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ign buyer assured early payment. Ultimately the said foreign buyer and its associates i.e. M/s. Indo-American Design Workshop Inc. filed petition in the U.S. Bankruptcy Court in December 1996. The group of noticee firm lodged claim for the outstanding amount with the Attorney appointed by U.S. Bankruptcy Court in December, 1996. Subsequently U.S. Bankruptcy Court passed decree in 1997 declaring the said buyer insolvent. The noticee firm then approached RBI through authorized dealer for write off of the outstanding amount. 5. Per contra Dr. Shamshuddin, ld. DLA contended that in the instant case goods worth Rs. 33,45,957/- were exported under 7 GRs during the period October-November 1991. The appellants have failed to realize the outstandi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) in a case falling under sub-clause (i) or sub-clause (ii) of clause (a) of sub-section (1), (a) that payment for the goods - (iii) is made otherwise than in the prescribed manner, or (iv) is delayed beyond the period prescribed, under clause (a) of sub-section (I), or (b) that the proceeds of sale of the goods exported do not represent the full export value of the goods subject to such deductions, if any, as may be allowed by Reserve Bank; and (B) in a case falling under sub-clause (ii) of clause (a) of sub-section (1) also that the sale of goods is delayed to an extent which is unreasonable having regard to the ordinary course of trade : Provided that no proceedings in respect of any contravention of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not susceptible of a clear and precise definition. In this regard reference may aptly be made to the decision of the Hon ble Supreme Court in Veerayae Ammal v. Seeni Ammal, JT 2001 (9) SC 145 where the Hon ble Court observed as under : The word reasonable has in law prima facie meaning of reasonable in regard to those circumstances of which the person concerned is called upon to act reasonably knows or ought to know as to what was reasonable. It may be unreasonable to give exact definition of the word reasonable . 9. In the instant case, it is not controverted that the correspondence referred by the appellants are mostly related to M/s. Rangi International and M/s. Rangi International Pvt. Ltd. Further, it is seen that the noticee f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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